Allahabad Bank hikes BPLR by 50 basis points to 14%

Kolkata, Aug 8 (UNI) Allahabad Bank has hiked the Benchmark Prime Lending Rates (BPLR) by 50 basis points to 14 per cent with effect from today.

The hike was in view of the increase in CRR (Cash Reserve Ratio) requirement and enhancement of in cost of funds and overall economic scenario.

However, the upward change in the BPLR will not be applicable to the new housing loans upto Rs 30 lakh and all existing housing loans, personal loans, education and car/auto loans.

The public sector bank also decided to increase the term deposit interest rates in various maturity buckets in order to provide relief to the depositors against increasing inflation, an Allahabad Bank release said.

The maximum term deposit interest rate will now be at 9.75 per cent per annum for one year to less than three years.

For senior citizens, the rate of interest for the same period will be 10.25 per cent per annum.

The above changes in the deposit rates would be effective from August 11, 2008.

UNI PC DPM RN1741